Resultados provisionales, información para analistas y prensa para inversores
Van Elle Holdings plc
('Van Elle', la 'Compañía' o el 'Grupo')
Resultados provisionales de los seis meses finalizados el 31 de octubre de 2023
Informe para analistas y presentación para inversores
Van Elle Holdings plc, el contratista de ingeniería terrestre más grande del Reino Unido, anuncia sus resultados provisionales para los seis meses finalizados el 31 de octubre de 2023 (el "Período").
£ m | 6 meses terminó Octubre 31 2023 | 6 meses terminó Octubre 31 2022 |
Ingresos | 68.2 | 80.8 |
Comparable1 | 6.2 | 6.4 |
Beneficio operativo | 2.7 | 3.5 |
Margen de beneficio operativo | 3.9% | 4.3% |
Beneficio antes de impuestos | 2.5 | 3.3 |
Utilidad básica por acción (p) | 1.6 | 2.6 |
ROCE2 | 10.0% | 11.2% |
Fondos netos / (deuda) | 1.9 | (2.5) |
Fondos netos (excluidos los pasivos por arrendamiento de vehículos y propiedades conforme a la NIIF 16) | 8.9 | 3.5 |
Dividendo a cuenta por acción (p) | 0.4 | 0.4 |
1 El EBITDA se define como las ganancias antes de intereses, impuestos, depreciación y amortización
2 Return on capital employed is defined as 12-month rolling operating profit divided by average net assets excluding net debt
There are no non-underlying items reported in the current or comparative Period.
Puntos destacados del período
· Resilient performance in challenging market conditions, delivering an operating margin of 3.9%, consistent with FY2023.
· As expected, revenue was 16% below the prior year, with the comparative period benefitting from stronger housing, construction and infrastructure markets.
· Good progress in the development of growth opportunities in the energy and water sectors.
· Establishment and commencement of trading of the Canadian rail subsidiary for which costs have been absorbed in the Period, including the impact of some initial delays to expected work volumes.
· The Group's growing innovation investment, aligned to its growth markets, is reflected in a stronger research and development claim reported in other operating income.
· Balance sheet remains robust and strong cash generation delivered an increase in net funds (excl. IFRS 16 property and vehicle lease liabilities), retaining significant liquidity headroom.
· Interim dividend declared of 0.4 pence per share, consistent year on year.
Outlook
· Good progress is being made on the Group's strategies in the energy and water sectors, both of which are expected to deliver significant growth opportunities into the medium term. Several customer frameworks have been agreed in the Period and initial schemes are expected to commence in late FY2024.
· Work volumes in the rail sector will dip in the transition to Control Period 7 (CP7) but are expected to be offset by the Group's framework position on the TransPennine Route Upgrade. The Board expects opportunities arising from CP7 to be significantly stronger than CP6 as a result of increasingly close customer partnerships.
· In highways, the Group's work on the retrofit safety measures as a framework partner on the Smart Motorway Programme Alliance are scheduled to commence in H2 FY2024.
· The new build housing and residential sector is expected to remain challenging in the short term but there are early signs of market recovery, and the Board anticipates a return to higher volumes in FY2025.
· The commercial and industrial markets show signs of increased confidence compared to the last 12 months, underpinning expected an increased utilisation in FY2025 in the General Piling division.
· The integration of Rock & Alluvium, which became part of the Group on 30 November 2023, is progressing well and is expected to be accretive to underlying earnings in FY2025. The Group's trading agreement with Galliford Try is expected to deliver £10-15m of incremental revenues from FY2025.
· The Board remains confident in achieving market expectations for the full year.1
1 El consenso de analistas compilado por la compañía para el año fiscal 2024 el beneficio subyacente antes de impuestos es de £5.0 millones.
Mark Cutler, director ejecutivo, comentó:
"These results represent a resilient performance in the face of expected challenging market conditions throughout FY2024, reflecting the benefits of the Group's diversified end-market exposure. Despite the anticipated lower revenues, operating margin has been maintained at FY2023 levels, our balance sheet is stronger, and our future prospects are more compelling. We are very pleased with the acquisition of Rock & Alluvium shortly after the Period end. The Group is developing a strong market position in the energy and water sectors and is well placed to benefit from a recovery in activity levels in housing, construction, rail and highways in FY2025."
Analyst Briefing: 9.30am on Wednesday 24 January 2024
An online briefing for Analysts will be held at 9.30am today. Analysts interested in attending should contact Walbrook PR on GME@dhr-rgv.com o 020 7933 8780.
Investor Presentation: 3.30pm on Wednesday 24 January 2024
Mark Cutler, director ejecutivo, y Graeme Campbell, director financiero, realizarán una presentación para revisar los resultados y las perspectivas a las 3.30:XNUMX horas de hoy. La presentación se realizará a través de la plataforma digital Investor Meet Company.
Los inversores pueden registrarse en Investor Meet Company de forma gratuita y unirse a Van Elle Holdings plc a través del siguiente enlace https://www.investormeetcompany.com/van-elle-holdings-plc/register-investor. Los inversores que ya se hayan registrado y agregado para conocer a la Compañía serán automáticamente invitados.
Las preguntas pueden enviarse antes del evento a GME@dhr-rgv.com or en tiempo real durante la presentación a través de la función "Hacer una pregunta".
Para más información, por favor póngase en contacto con:
Van Elle Holdings plc Mark Cutler, director ejecutivo Graeme Campbell, director financiero | Vía Walbrook |
Peel Hunt LLP (Asesor designado y asesor corporativo broker) Ed Allsopp/Ben Harrington | Tel: 020 7418 8900 |
Walbrook PR Limited | Tel: 020 7933 8780 |
Tom Cooper / Nick Roma | 07971 221 972 o 07748 325 236 |
Acerca de Van Elle Holdings plc:
Van Elle Holdings es el contratista especializado en ingeniería geotécnica más grande del Reino Unido. Fundada en 1984 y cotizada en AIM en 2016, la Compañía ofrece una amplia gama de técnicas y servicios de ingeniería terrestre que incluyen investigación del terreno, pilotes generales y especializados, ingeniería geotécnica ferroviaria, cimientos modulares y servicios de estabilización y mejora del terreno.
Van Elle opera a través de tres divisiones: pilotes generales, pilotes y rieles especializados y servicios de ingeniería terrestre; y se centra en diversos mercados finales, incluidos residencial y de vivienda, infraestructura y construcción regional, en los que el Grupo ha completado más de 20,000 proyectos en los últimos 40 años.
Van Elle Holdings plc - Informe provisional hasta el 31 de octubre de 2023
Resumen de resultados
The Group's results for the Period are in line with the Board's expectations, reflecting a resilient operational performance despite challenging market conditions, continuing inflationary pressures and delayed project starts.
Half year revenue of £68.2m, represents a decrease of 16% on the prior period (H1 FY2023: £80.8m). Operating margin has remained consistent with the prior year at 3.9% (FY2023: 3.9%).
The Group experienced softer market conditions in the Period, with continued uncertainty impacting activity levels in all end markets. Performance in the residential sector was consistent with Board expectations with new build housing delivering reduced volumes, which is a trend expected to continue throughout the second half of the financial year. There remains a strong need for new housing in the UK and the market is showing some early signs of recovery in some regions, supported by a reduction in mortgage rates towards the end of 2023.
The Infrastructure and Construction markets were also relatively subdued. Infrastructure was impacted by inflationary pressures and widespread delays to major projects which were expected to commence in the Period. However, the Group has made strong progress on substantial growth opportunities in the energy and water sectors, where investment is forecast to grow significantly over the long term.
The costs of establishing the Group's new Canadian rail subsidiary have been absorbed in the Period. Initial projects commenced in the second quarter, although delays in mobilising reflected lower levels of activity than originally expected.
Inflationary pressures have continued to adversely affect the cost base, particularly through wage inflation. Cost saving measures are being implemented where possible to help manage the Group's cost base.
The Group delivered an operating profit of £2.7m (H1 FY2023: £3.5m).
Net funds as at 31 October 2023 (excluding IFRS 16 property and vehicle lease liabilities) increased to £8.9m, from £7.5m. Net capital expenditure of £2.5m primarily represents continued investment in the rig fleet, with higher margin and utilisation rigs being targeted for acquisition. The Group paid the final remaining consideration of £0.7m, for the acquisition of ScrewFast Foundations Limited, and the FY2023 final dividend of £0.9m in the Period.
The Group continued to maintain a strong balance sheet with a healthy cash balance and significant liquidity headroom against its £11.0m funding facility, which remains unused. Group debt reduced to £0.1m, excluding IFRS 16 lease liabilities.
The order book at 31 December 2023 was £42.0m including £11.6m for Rock & Alluvium. On a like-for-like basis, this reflects a slight reduction from the position at 31 October 2023 of £32.7m primarily due to the quieter winter trading period.
Resumen del Mercado
The Group operates in the following three market sectors:
· Residencial constituted 43% of Group revenues in the Period (38% in H1 FY2023). Sector revenue decreased by 5% to £29.3m (H1 FY2023: £30.9m).
Van Elle's teams deliver integrated ground improvement, piling and modular, precast concrete foundation systems for national and regional housebuilders, retirement and multi-storey residential properties.
Demand for the Group's Smartfoot system was strong in the first quarter, with high activity levels continuing the momentum achieved in the prior year. New building regulations, introduced towards the end of Q1 FY2024, resulted in the acceleration of some residential projects, which provided a temporary increase to revenues during the early part of the financial year.
As anticipated, the impact of increasing interest rates and general market uncertainty caused a decrease of the rate of new build starts during the second quarter. Lower volumes are expected to continue throughout the second half of the financial year, however the Group has a balanced exposure to affordable and partnership housing as well as private sector housebuilders, which helps to provide some resilience.
The Board remains confident that Van Elle's unique range of geotechnical solutions for housebuilders will continue to prove popular with volume housebuilders when markets recover.
· EN LA MINA constituted 42% of Group revenues in the Period (39% in H1 FY2023). Sector revenue decreased by 9% to £28.7m (H1 FY2023: £31.6m).
Group activities include specialist ground engineering services to the rail, highways, energy, coastal, flooding and utility sectors.
Activity levels in the rail sector were strong in the Period as CP6 entered its final year before the planning phase of CP7 commences, which will result in lower revenue in the second half of the financial year. Work on the major electrification programmes in south Wales and the east midlands is now largely complete. However, the Group is a framework partner on the TransPennine Route Upgrade (TRU) programme and site work is expected to commence in H2 2024 and is expected to provide a solid base of workload during FY2025.
In Canada, rail work commenced in the second quarter, but project start dates have been delayed resulting in lower activity levels than expected. Project delays continued to impact for the remainder of 2023 but activity levels have improved in January 2024. The ONxpress Toronto Metro expansion project has been delayed until late 2025. Accordingly, the Group is reviewing its strategy and evaluating other revenue opportunities.
Government spending in the highways sector has been lower than anticipated, with several major projects being delayed. The Group's appointment to the Smart Motorways Programme Alliance (SMPA) framework in FY2023 has also delivered lower volumes than expected following the cancellation of any new all-lane running Smart Motorway projects although works on the retrofit emergency refuge areas is expected to commence in H2 FY2024.
The Group has made good progress on substantial growth opportunities in the energy and water sectors, with several customer frameworks agreed in the Period and an identified bidding pipeline of approximately £300m over the next five years. This is further strengthened by the launch of a dedicated civil engineering team targeted on integrated civils and foundations opportunities in the rail, energy and water sectors.
· Construcción Regional constituted 14% of Group revenues (22% in H1 FY2023). Sector revenue decreased by 47% to £9.7m (H1 FY2023: £18.1m).
The Group delivers a full range of piling services, and the growth of our ground improvement specialism has assisted in accessing a wider range of attractive projects in the industrial sector and continues to perform well since its inception in FY2020.
Growth in the prior year was primarily driven by a select few larger commercial projects in central London, delivered substantially by the General Piling division. With the backdrop of a more challenging and price sensitive regional construction market in the Period, activity levels were below the previous period. The Group's activities in central London have been strengthened by the acquisition of Rock & Alluvium shortly after the Period end.
Estructura operativa
La estructura operativa del grupo Van Elle se ha mantenido consistente y se presenta en tres segmentos:
· Pilotaje general: open site; larger projects; key techniques being large diameter rotary, CFA piling and precast driven piling.
· Especialista en Pilotes y Rieles: acceso restringido y poca altura de pilotaje; amplia capacidad montada sobre rieles; pilotes helicoidales y cimentaciones modulares de acero (ScrewFast); Tablestacas, clavos y anclajes para suelos, mini pilotes y proyectos de estabilización de terrenos.
· Servicios de ingeniería terrestre: driven and CFA piling for housebuilders, precast concrete modular foundations (Smartfoot); ground investigation and geotechnical services (Strata Geotechnics).
Pilotaje general
Revenue decreased by 13% in the Period to £25.4m (H1 FY2023: £29.3m), representing 37% of Group revenues.
The General Piling division operates across each of the Group's three market segments. Market conditions remained highly competitive, with price sensitive tendering being a key factor in work winning.
Revenue growth was achieved in the Residential sector with several significant contracts delivered, particularly in the first quarter of the financial year. Infrastructure workload benefited from the completion of the first phase of a major energy sector contract in the Period. Regional Construction revenues were lower than the comparative period, mainly due to a very strong order book being brought forward into the previous year.
Operating profit was £1.8m for the Period (H1 FY2023: £2.3m) reflecting the reduced activity levels.
The Group acquired Rock and Alluvium Limited on 30 November 2023, which increases the division's geographic activity in the Southeast and expands capacity for additional CFA piling, primarily reported in the General Piling division activities.
Especialista en Pilotes y Rieles
Revenue decreased by 18% in the Period to £20.3m (H1 FY2023: £24.8m), representing 30% of Group revenues.
Specialist Piling experienced softer market conditions towards the end of the previous financial year, which continued into the first half of FY2024, primarily due to delays to major infrastructure work on highways and a short-term decrease in demand for drill and grout activity. Work-winning improved towards the end of the Period and the division is now expected to operate at near capacity for the second half of the financial year. The medium-term outlook for the division's work in the infrastructure sector remains very positive, with significant growth opportunities in the high-voltage power sector supporting the development of the UK's electricity transmission networks.
The Rail division delivered strong revenues in the Period, as CP6 entered its final year before CP7 commences. A decrease in activity levels is anticipated until CP7 work starts. However, the Group is a framework partner on the TransPennine Route Upgrade (TRU) programme and site work is expected to commence in Q4 FY2024 and provide a solid base of workload for up to three years.
As previously referenced, in Canada the ONxpress Toronto Metro expansion project has been delayed until H2 FY2025.
Operating profit for the division decreased to £0.5m (H1 FY2023: £1.1m).
Servicios de ingeniería terrestre
Revenue decreased by 17% in the Period to £22.1m (H1 FY2023: £26.6m), representing 32% of Group revenues. Ground Engineering consists of the Housing division and Strata Geotechnics.
The Housing division delivers integrated piling and Smartfoot foundation beam solutions to UK housebuilders. Demand was very strong in the first quarter, with high activity levels continuing the momentum achieved in the prior year but as anticipated, the impact of increasing interest rates and general market uncertainty caused a drop in the rate of new build starts during the second quarter. Lower volumes are expected to continue throughout the second half of the financial year and costs are being managed to mitigate this impact, although demand for new build housing remains strong and the market is expected to recover during FY2025.
Strata Geotechnics reported further growth with increased revenue of £4.1m (H1 FY2023: £3.5m) with gross margin at the upper end of the Group's activities. Progress was maintained in infrastructure work, particularly in the highways sector and on HS2 ground investigation projects. Strata had secured a place on the £800m phase 2 ground investigation framework, therefore the cancellation of phase 2b of HS2 was particularly disappointing.
Underlying operating profit for the segment decreased to £1.8m (H1 FY2023: £2.5m) reflecting the lower activity levels in Housing.
Estrategia
Good progress continues to be made against the final phase of the Group's strategy, with a wider range of diversified capabilities in place and market opportunities supported by stronger relationships with key customers and reliable performance on operational delivery.
The Group has navigated a challenging period, delivering a resilient performance, and remains well positioned with a strong balance sheet for when its end markets recover. Despite the short-term volatility and reduced activity levels, the Board remains confident in delivering 6% operating profit and 15-20% ROCE by FY2027 driven through organic revenue growth supplemented by strategic bolt-on acquisitions.
ESG
In FY2021, the Group initiated its Sustainability Strategy, aligned with the UN Sustainable Development Goals that are most applicable to Van Elle's operations. This strategy encompasses objectives, targets, and key performance indicators, with business leaders managing its implementation. We aim to measure our strategy against key performance indicators annually to monitor our performance and identify continuous improvement measures. Our long-term "Net Zero by 2050" commitment is supported in the medium term by a roadmap to 2030, which provides a clear strategic pathway to a 30% reduction in our greenhouse gas emissions from a 2020 baseline.
We have made a commitment to developing 'Science Based Targets' to set achievable emissions reduction targets against a representative base year to achieve Net Zero by 2050 and are actively engaging with our supply partners to understand the greenhouse gas emissions arising from the materials and services with which they provide to us.
Our primary Scope 1 emissions arise from fuel usage. We are exploring transitional solutions to mitigate these emissions while new technologies are being assessed and developed. Recent improvements include the expansion of our company car scheme to encompass hybrid and electric vehicles, now increasingly adopted by our staff. Additionally, we've equipped our head office with electric vehicle charging stations for both employees and visitors.
In the previous financial year, the Group reduced its Scope 2 emissions through a new electricity purchase agreement, which is from 100% renewable sources (certified under the Renewable Energy Guarantees of Origin scheme).
Dividendo
The Board acknowledges that dividends continue to represent an important constituent of total shareholder returns, and accordingly has declared an interim dividend of 0.4 pence per share.
The interim dividend will be payable on 15 March 2024 to shareholders on the share register as at 23 February 2024. The shares will be marked ex-dividend on 22 February 2024.
Perspectivas y comercio actual
Market conditions in the short term, especially in respect of new build housing, are expected to remain challenging in the current financial year. Since the Period end, lower volumes in housing have been broadly offset by a recovery in infrastructure and construction activity levels.
Although the Group has experienced delays to major infrastructure works in the Period, more recently, a strong pipeline of contract awards has been secured providing greater confidence in the medium-term outlook in the infrastructure sector. There are significant growth opportunities in the energy and water sectors alongside expected upturns in investment levels and increased market share in highways and rail.
The Group acquired Rock and Alluvium Ltd and entered into a five-year trading agreement with Galliford Try on 30 November 2023. The integration of Rock & Alluvium into Van Elle is progressing well, and the Board expects the acquisition to be accretive to underlying earnings in the first full year of ownership, which was reflected in upgraded market expectations for FY2025 and beyond.
The Board continues to expect results in line with market expectations for the current financial year and is confident the Group is well positioned over the medium term across all its core markets.
marca cuchillero
Director Ejecutivo
24 de enero de 2024
Estado de resultados integrales condensado consolidado
Note | 6 meses hasta el 31 de octubre de 2023 (sin auditar) 000 £ | meses a 6 31 de octubre de 2022 (sin auditar) 000 £ | 12 meses al 30 de abril de 2023 (auditado) 000 £ | |
Ingresos | 2,3 | 68,210 | 80,836 | 148,734 |
El costo de ventas |
| (47,544) | (60,211) | (108,646) |
Beneficio bruto |
| 20,666 | 20,625 | 40,088 |
Gastos administrativos |
| (18,769) | (17,309) | (35,089) |
Cargo por deterioro de la pérdida crediticia |
| (93) | - | (45) |
Otros ingresos operativos |
| 859 | 169 | 904 |
Beneficio operativo |
| 2,663 | 3,485 | 5,838 |
Gastos financieros |
| (177) | (200) | (487) |
Ingresos financieros |
| 3 | - | - |
Beneficio antes de impuestos |
| 2,489 | 3,285 | 5,371 |
Ingreso por gastos de impuesto |
| (814) | (465) | (693) |
Beneficio después de impuestos y resultado integral total del año atribuible a los accionistas de la matriz |
| 1,675 | 2,820 | 4,678 |
Ganancias por acción (peniques) |
|
| ||
Basic | 4 | 1.6 | 2.6 | 4.4 |
Diluido | 4 | 1.6 | 2.6 | 4.4 |
All amounts relate to continuing operations. There was no other comprehensive income in either the current or preceding Period.
Estado de situación financiera condensado consolidado
Como en 31 de octubre de 2023 (sin auditar) 000 £ |
Como en 31 de octubre de 2022 (sin auditar) 000 £ |
Como en 30 de abril de 2023 (auditado) 000 £ | |
Activos no corrientes |
| ||
Propiedad, planta y equipo. | 41,821 | 40,149 | 41,917 |
Propiedad de inversión | - | 806 | - |
Activos intangibles | 3,638 | 3,787 | 3,713 |
45,459 | 44,742 | 45,630 | |
Activos circulantes |
| ||
Los inventarios | 4,929 | 4,091 | 4,971 |
Cuentas comerciales y otras cuentas por cobrar | 29,909 | 43,181 | 35,544 |
Efectivo y equivalentes de efectivo | 9,047 | 8,443 | 8,885 |
| 43,885 | 55,715 | 49,400 |
los activos totales | 89,344 | 100,457 | 95,030 |
Pasivo circulante |
| ||
Comerciales y otras cuentas a pagar | 18,178 | 27,636 | 23,245 |
Préstamos y empréstitos | - | 3,000 | - |
Consideración diferida | - | - | 790 |
Pasivos por arrendamiento | 2,476 | 2,159 | 2,339 |
Provisiones | 8,238 | 8,047 | 8,143 |
28,892 | 40,842 | 34,517 | |
Pasivos no corrientes |
| ||
Consideración diferida | - | 1,193 | - |
Pasivos por arrendamiento | 4,654 | 5,798 | 6,179 |
Impuesto diferido | 4,801 | 4,139 | 4,303 |
| 9,455 | 11,130 | 10,482 |
Pasivos totales | 38,347 | 51,972 | 44,999 |
Activos netos | 50,997 | 48,485 | 50,031 |
Equidad |
| ||
Capital social | 2,133 | 2,133 | 2,133 |
Compartir premium | 8,633 | 8,633 | 8,633 |
Otra reserva | 5,807 | 5,807 | 5,807 |
Ganancias retenidas | 34,424 | 31,912 | 33,458 |
Equidad total | 50,997 | 48,485 | 50,031 |
Estado de flujos de efectivo condensado consolidado
6 meses hasta el 31 de octubre de 2023 (sin auditar) 000 £ | meses a 6 31 de octubre de 2022 (sin auditar) 000 £ | 12 meses al 30 de abril de 2023 (auditado) 000 £ | |
flujos de efectivo por actividades operacionales |
| ||
Beneficio operativo | 2,663 | 3,485 | 5,858 |
Depreciación de propiedades, planta y equipo | 3,498 | 2,845 | 5,984 |
Amortización de activos intangibles | 74 | 58 | 134 |
Depreciación de propiedades de inversión | - | 5 | 9 |
(Ganancia) / pérdida por enajenación de propiedades, planta y equipo | (108) | (96) | (310) |
Gastos de pago basados en acciones | 134 | 121 | 171 |
Flujos de efectivo operativos antes del movimiento en el capital de trabajo | 6,261 | 6,418 | 11,846 |
Disminución de inventarios | 42 | (318) | (1,200) |
Disminución de cuentas por cobrar comerciales y otras | 5,635 | (9,068) | (1,434) |
Disminución de cuentas por pagar comerciales y otras | (5,067) | 5,185 | 344 |
Aumento de provisiones | 95 | 310 | 405 |
Efectivo generado por operaciones | 6,966 | 2,527 | 9,961 |
Impuesto sobre la renta (pagado) / recibido | (302) | 322 | 323 |
Efectivo neto generado por actividades operativas | 6,664 | 2,849 | 10,284 |
Flujos de efectivo de actividades de inversión |
| ||
Compras de propiedades, planta y equipo. | (3,914) | (3,745) | (6,167) |
Enajenación de propiedades, planta y equipo | 1,369 | 197 | 615 |
Deferred consideration for acquisition of subsidiary | (740) | (50) | (50) |
Efectivo neto absorbido en actividades de inversión | (3,285) | (3,598) | (5,602) |
Flujos de efectivo de actividades de financiación |
| ||
New hire purchase financing | - | 1,544 | 1,544 |
Nuevos préstamos y empréstitos. | - | 3,000 | 3,000 |
Reembolso de préstamos bancarios | - | - | (3,000) |
Principal pagado sobre pasivos por arrendamiento | (2,189) | (1,072) | (2,394) |
Intereses pagados sobre pasivos por arrendamiento | (76) | (179) | (388) |
Intereses pagados sobre préstamos y empréstitos | (102) | (21) | (53) |
Interés recibido | 3 | - | - |
Dividendos pagados | (853) | (1,067) | (1,493) |
Efectivo neto absorbido en actividades de financiación | (3,217) | 2,205 | (2,784) |
Aumento / (disminución) neto de efectivo y equivalentes de efectivo | 162 | 1,456 | 1,898 |
Efectivo y equivalentes de efectivo al inicio del año | 8,885 | 6,987 | 6,987 |
Efectivo y equivalentes de efectivo al final del año | 9,047 | 8,443 | 8,885 |
Estado de cambios en el patrimonio neto condensado consolidado
Compartir Capital 000 £ | Compartir producto de más alta calidad. 000 £ | Otro reserva 000 £ |
retenido ganancias 000 £ | Total equidad 000 £ | |
Saldo al 1 de mayo de 2022 (auditado) | 2,133 | 8,633 | 5,807 | 30,038 | 46,611 |
Total de ingresos integrales | - | - | - | 2,820 | 2,820 |
Gastos de pago basados en acciones | - | - | - | 121 | 121 |
Dividendos pagados | - | - | - | (1,067) | (1,067) |
Saldo al 31 de octubre de 2022 (No auditado) | 2,133 | 8,633 | 5,807 | 31,912 | 48,485 |
Total de ingresos integrales | - | - | - | 1,858 | 1,858 |
Gastos de pago basados en acciones | - | - | - | 50 | 50 |
Dividendos pagados | - | - | - | (426) | (426) |
Deferred tax credit on share based payments | - | - | - | 64 | 64 |
Saldo al 30 de abril de 2023 (auditado) | 2,133 | 8,633 | 5,807 | 33,458 | 50,031 |
Total de ingresos integrales | - | - | - | 1,675 | 1,675 |
Gastos de pago basados en acciones | - | - | - | 134 | 134 |
Dividendos pagados | - | - | - | (853) | (853) |
Deferred tax credit on share based payments | - | - | - | 10 | 10 |
Saldo al 31 de octubre de 2023 (No auditado) | 2,133 | 8,633 | 5,807 | 34,424 | 50,997 |
Notas a los estados financieros intermedios condensados consolidados
Por los seis meses terminados el 31 de octubre de 2023
1. Base de preparación
The unaudited interim consolidated statement of Van Elle Holdings plc is for the six months ended 31 October 2023 and does not comprise statutory accounts within the meaning of section 435 of the Companies Act 2006.
These condensed consolidated financial statements have been prepared in compliance with the recognition and measurement requirement of International Accounting Standards in conformity with the requirements of the Companies Act 2006. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the Group's annual report. The unaudited interim consolidated statement has been prepared in accordance with the accounting policies that are expected to be applied in the report and accounts for the year ending 30 April 2024.
Las cifras comparativas del año finalizado el 30 de abril de 2023 no constituyen cuentas legales en el sentido de la sección 435 de la Ley de Sociedades de 2006, pero se han derivado de los estados financieros auditados de ese año, que se han presentado ante el Registro de Sociedades. . El informe de los auditores no tenía salvedades y no contenía declaraciones en virtud de la sección 498 (2) o (3) de la Ley de Sociedades de 2006 ni una referencia a ningún asunto que el auditor llamó la atención a modo de énfasis sin calificar su informe.
Preocupación continua
As part of the going concern assessment for the year ended 30 April 2023 detailed forecasts were prepared. These forecasts demonstrated a healthy cash flow and headroom across the period to 31 July 2024. Reverse stress testing was also carried out and the scenarios in which cash resources were exhausted and further debt facilities were required were considered remote.
Strong activity levels seen throughout FY2023 continued into Q1 of FY2024 and whilst market conditions have been more challenging from Q2 onwards, the Board remains confident in achieving market expectations for the current financial year. The Group's order book has also grown in the period since 30 April 2023.
A strong cash balance of £9.0m remains at the end of the period. The Group's net funds position (excluding IFRS 16 property and vehicle lease liabilities) of £8.9m has increased by £1.4m during the period. The Group's £11m asset backed lending facility remains undrawn at the end of the period having not been drawn during the 6 months to 31 October 2023. Total hire purchase finance at the end of the period was only £0.1m.
Como parte de la evaluación provisional de negocio en marcha, se han preparado pronósticos para los 12 meses que terminan en enero de 2025 que demuestran que el Grupo puede operar dentro de sus instalaciones existentes y cumplir con las obligaciones a medida que vencen.
Sobre esta base, la Junta considera que el Grupo tiene recursos adecuados para continuar con sus operaciones en el futuro previsible. En consecuencia, la Junta continúa adoptando la base de negocio en marcha al preparar los estados financieros intermedios.
Políticas de contabilidad
Las políticas contables adoptadas en la preparación del estado consolidado intermedio no auditado del Grupo al 31 de octubre de 2023 son consistentes con las políticas aplicadas por el Grupo en sus estados financieros consolidados al 30 de abril de 2023 y para el año terminado.
Moneda funcional
The unaudited interim consolidated statements are presented in Sterling, which is also the Group's functional currency. Amounts are rounded to the nearest thousand, unless otherwise stated.
2. Información del segmento
The Group evaluates segmental performance based on profit or loss from operations calculated in accordance with IFRS but excluding non-underlying items. Inter-segment sales are priced along the same lines as sales to external customers, with an appropriate discount being applied to encourage use of Group resources at a rate acceptable to local tax authorities. Head office central services costs including insurances are allocated to the segments based on levels of turnover.
Segmentos operativos - 6 meses al 31 de octubre de 2023
General Pilotaje 000 £ | Somos Pilotaje y riel 000 £ | Polo a Tierra Ingeniería Servicios 000 £ | Cabeza Oficina 000 £ | Total 000 £ | |
Ingresos | 25,372 | 20,333 | 22,058 | 447 | 68,210 |
Otros ingresos operativos | - | - | - | 859 | 859 |
Beneficio operativo | 1,816 | 486 | 1,761 | (1,400) | 2,663 |
Gastos financieros | - | - | - | - | - |
Beneficio antes de impuestos | 1,816 | 486 | 1,761 | (1,400) | 2,663 |
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Activos |
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Propiedad, planta y equipo (incluidos los activos por derecho de uso) | 8,937 | 13,777 | 7,548 | 11,559 | 41,821 |
Activos intangibles | 7 | 3,422 | 209 | - | 3,638 |
Los inventarios | 1,898 | 759 | 2,233 | 39 | 4,929 |
Activos de segmento notificables | 10,842 | 17,958 | 9,990 | 11,598 | 50,388 |
Cuentas comerciales y otras cuentas por cobrar | - | - | - | 29,909 | 29,909 |
Efectivo y equivalentes de efectivo | - | - | - | 9,047 | 9,047 |
los activos totales | 10,842 | 17,958 | 9,990 | 50,554 | 89,344 |
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Pasivos |
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Comerciales y otras cuentas a pagar | - | - | - | 18,178 | 18,178 |
Provisiones | - | - | - | 8,238 | 8,238 |
Pasivos por arrendamiento | - | - | - | 7,130 | 7,130 |
Impuesto diferido | - | - | - | 4,801 | 4,801 |
Pasivos totales | - | - | - | 38,347 | 38,347 |
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Más información (opcional – piso, bloque edificio, puerta, etc.) |
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Gastos de capital | 855 | 590 | 184 | 2,285 | 3,914 |
Depreciación | 816 | 1,331 | 816 | 535 | 3,498 |
The Group had one customer with revenues greater that 10% in the current period (2022: none). Total revenues with the customer were £7.4m and these are reported within the General Piling operating segment.
Geographical segments - 6 months to 31 October 2023
Revenue and operating profit from external customers, and the carrying amount of non-current assets by geographical segment are shown below:
UK 000 £ | Ciervo 000 £ | Total 000 £ | |
Ingresos | 68,180 | 30 | 68,210 |
Ganancia / (pérdida) operativa | 3,304 | (641) | 2,663 |
Activos no corrientes | 44,287 | 1,172 | 45,459 |
Segmentos operativos - 6 meses al 31 de octubre de 2022
General Pilotaje 000 £ | Somos Pilotaje y riel 000 £ | Polo a Tierra Ingeniería Servicios 000 £ | Cabeza Oficina 000 £ | Total 000 £ | |
Ingresos | 29,308 | 24,806 | 26,552 | 170 | 80,836 |
Otros ingresos operativos | - | - | - | 169 | 169 |
Beneficio operativo | 2,325 | 1,102 | 2,541 | (2,483) | 3,485 |
Gastos financieros | - | - | - | (200) | (200) |
Beneficio antes de impuestos | 2,325 | 1,102 | 2,541 | (2,683) | 3,285 |
Activos | |||||
Propiedad, planta y equipo (incluidos los activos por derecho de uso) | 9,166 | 13,988 | 7,967 | 9,028 | 40,149 |
Activos intangibles | 15 | 3,543 | 229 | - | 3,787 |
Los inventarios | 1,319 | 781 | 1,913 | 78 | 4,091 |
Activos de segmento notificables | 10,500 | 18,312 | 10,109 | 9,106 | 48,027 |
Propiedad de inversión | - | - | - | 806 | 806 |
Cuentas comerciales y otras cuentas por cobrar | - | - | - | 43,181 | 43,181 |
Efectivo y equivalentes de efectivo | - | - | - | 8,443 | 8,443 |
los activos totales | 10,500 | 18,312 | 10,109 | 61,536 | 100,457 |
Pasivos | |||||
Comerciales y otras cuentas a pagar | - | - | - | 27,636 | 27,636 |
Provisiones | - | - | - | 8,047 | 8,047 |
Préstamos y empréstitos | - | - | - | 3,000 | 3,000 |
Consideración diferida | - | - | - | 1,193 | 1,193 |
Pasivos por arrendamiento | - | - | - | 7,957 | 7,957 |
Impuesto diferido | - | - | - | 4,139 | 4,139 |
Pasivos totales | - | - | - | 51,972 | 51,972 |
Más información (opcional – piso, bloque edificio, puerta, etc.) | |||||
Gastos de capital | 459 | 2,430 | 197 | 659 | 3,745 |
Depreciación | 675 | 1,110 | 689 | 434 | 2,908 |
No hay clientes individuales que representen más del 10% de los ingresos del Grupo en el período actual o anterior.
Geographical segments - 6 months to 31 October 2022
Revenue and operating profit from external customers, and the carrying amount of non-current assets by geographical segment are shown below:
UK 000 £ | Ciervo 000 £ | Total 000 £ | |
Ingresos | 80,836 | - | 80,836 |
Beneficio operativo | 3,485 | - | 3,485 |
Activos no corrientes | 44,742 | - | 44,472 |
Segmentos operativos - 12 meses al 30 de abril de 2023
General Pilotaje 000 £ | Somos Pilotaje y ferrocarril 000 £ | Polo a Tierra Ingeniería Servicios 000 £ | Cabeza Oficina 000 £ | Total 000 £ | |
Ingresos | 54,838 | 46,593 | 47,067 | 236 | 148,734 |
Otros ingresos operativos | - | - | - | 904 | 904 |
Beneficio operativo | 3,403 | 2,236 | 3,642 | (3,423) | 5,858 |
Gastos financieros | - | - | - | (487) | (487) |
Beneficio antes de impuestos | 3,403 | 2,236 | 3,642 | (3,910) | 5,371 |
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Propiedad, planta y equipo (incluidos los activos por derecho de uso) | 9,090 | 14,411 | 8,005 | 10,411 | 41,917 |
Activos intangibles | 11 | 3,483 | 219 | - | 3,713 |
Los inventarios | 1,858 | 727 | 1,902 | 484 | 4,971 |
Activos de segmento notificables | 10,959 | 18,621 | 10,126 | 10,895 | 50,601 |
Cuentas comerciales y otras cuentas por cobrar | - | - | - | 35,544 | 35,544 |
Efectivo y equivalentes de efectivo | - | - | - | 8,885 | 8,885 |
los activos totales | 10,959 | 18,621 | 10,126 | 55,324 | 95,030 |
Pasivos | |||||
Comerciales y otras cuentas a pagar | - | - | - | 23,245 | 23,245 |
Provisiones | - | - | - | 8,143 | 8,143 |
Consideración diferida | - | - | - | 790 | 790 |
Pasivos por arrendamiento | - | - | - | 8,518 | 8,518 |
Impuesto diferido | - | - | - | 4,303 | 4,303 |
Pasivos totales | - | - | - | 44,999 | 44,999 |
Más información (opcional – piso, bloque edificio, puerta, etc.) | |||||
Gastos de capital | 1,171 | 4,188 | 1,351 | 1,977 | 8,687 |
Depreciación | 1,422 | 2,262 | 1,421 | 879 | 5,984 |
The Group had one customer with revenues greater that 10% in the current year (2022: none). Total revenues with the customer were £18.4m and these are reported within the General Piling operating segment.
Geographical segments - 12 months to 30 April 2023
Revenue and operating profit from external customers, and the carrying amount of non-current assets by geographical segment are shown below:
UK 000 £ | Ciervo 000 £ | Total 000 £ | |
Ingresos | 148,734 | - | 148,734 |
Beneficio operativo | 5,858 | - | 5,858 |
Activos no corrientes | 45,630 | - | 54,630 |
3. Ingresos por contratos con clientes
Desglose de ingresos - 6 meses hasta el 31 de octubre de 2023
mercado final | General Pilotaje 000 £ | Somos Pilotaje y riel 000 £ | Polo a Tierra Ingeniería Servicios 000 £ | Cabeza Oficina 000 £ | Total 000 £ |
Residencial | 9,304 | 2,289 | 17,744 | - | 29,337 |
EN LA MINA | 10,076 | 15,486 | 3,126 | - | 28,688 |
Construcción regional | 5,907 | 2,558 | 1,185 | - | 9,650 |
Otro | 85 | - | 3 | 447 | 535 |
Total | 25,372 | 20,333 | 22,058 | 447 | 68,210 |
Desglose de ingresos - 6 meses hasta el 31 de octubre de 2022
mercado final | General Pilotaje 000 £ | Somos Pilotaje y riel 000 £ | Polo a Tierra Ingeniería Servicios 000 £ | Cabeza Oficina 000 £ | Total 000 £ |
Residencial | 6,880 | 2,334 | 21,643 | - | 30,857 |
EN LA MINA | 9,166 | 20,337 | 2,095 | - | 31,598 |
Construcción regional | 13,222 | 2,100 | 2,772 | - | 18,094 |
Otro | 40 | 35 | 42 | 170 | 287 |
Total | 29,308 | 24,806 | 26,552 | 170 | 80,836 |
Desglose de ingresos - 12 meses hasta el 30 de abril de 2023
mercado final | General Pilotaje 000 £ | Somos Pilotaje y riel 000 £ | Polo a Tierra Ingeniería Servicios 000 £ | Cabeza Oficina 000 £ | Total 000 £ |
Residencial | 13,924 | 4,840 | 38,096 | - | 56,860 |
EN LA MINA | 20,761 | 37,180 | 4,651 | - | 62,592 |
Construcción regional | 20,147 | 4,507 | 4,289 | - | 28,943 |
Otro | 6 | 66 | 31 | 236 | 339 |
Total | 54,838 | 46,593 | 47,067 | 236 | 148,734 |
Activos contractuales
meses a 6 Octubre 31 2023 (No auditado) 000 £ | meses a 6 Octubre 31 2022 (No auditado) 000 £ | meses a 12 30 de abril de 2023 (auditado) 000 £ | |
Al 1 de mayo | 4,913 | 2,163 | 2,163 |
Transferencias de activos del contrato a cuentas por cobrar comerciales | (4,913) | (2,163) | (1,943) |
Exceso de ingresos reconocidos sobre facturados | 3,296 | 3,347 | 4,913 |
Deterioro de activos del contrato | - | - | (220) |
Al 31 de octubre / 30 de abril | 3,296 | 3,347 | 4,913 |
Pasivos contractuales
meses a 6 31 de octubre de 2023 (sin auditar) 000 £ | meses a 6 31 de octubre de 2022 (sin auditar) 000 £ | 12 meses al 30 de abril de 2023 (auditado) 000 £ | |
Al 1 de mayo | 447 | 388 | 388 |
Intereses sobre pasivos contractuales | - | - | - |
Pasivos del contrato reconocidos como ingreso en el período | (247) | (188) | (188) |
Depósitos recibidos antes de la ejecución | 534 | 247 | 1,787 |
Al 31 de octubre / 30 de abril | 734 | 447 | 1,987 |
4. Ganancia por acción
El cálculo de la utilidad por acción básica y diluida se basa en los siguientes datos:
meses a 6 31 de octubre de 2023 (sin auditar) | meses a 6 31 de octubre de 2022 (sin auditar) | 12 meses al 30 de abril de 2023 (auditado) | |
Número medio ponderado básico de acciones | 106,667 | 106,667 | 106,667 |
Dilutive weighted average shares from share options | 210 | - | 473 |
Promedio ponderado diluido de acciones | 106,877 | 106,667 | 107,140 |
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000 £ | 000 £ | 000 £ | |
Beneficio del período | 1,675 | 2,820 | 4,678 |
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Ganancias por acción |
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Basic | 1.6 | 2.6 | 4.4 |
Diluido | 1.6 | 2.6 | 4.4 |
The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders and on 106,666,650 ordinary shares being the weighted average number of ordinary shares in issue during the period.
The dilutive shares represent share options exercisable under Group's LTIP scheme that vested on 30 September 2023 and which have not been exercised at 31 October 2023.
5. Dividends paid
meses a 6 Octubre 31 2023 (No auditado) 000 £ | meses a 6 Octubre 31 2022 (No auditado) 000 £ | meses a 12 30 de abril de 2023 (auditado) 000 £ | |
Amounts recognised as distributions to equity holders during the Period: |
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Final dividend for the year ended 30 April 2022 of 1.0p per share | - | 1,067 | 1,067 |
Interim dividend for the year ended 30 April 2023 of 0.4p per share | - | - | 426 |
Final dividend for the year ended 30 April 2023 of 0.8p per share | 853 | - | - |
Total | 853 | 1,067 | 1,493 |
6. Analysis of cash and cash equivalents and reconciliation to net (debt) / funds
Como en 31 de octubre de 2023 (sin auditar) 000 £ | Como en 31 de octubre de 2022 (sin auditar) 000 £ | Como en 30 de abril de 2023 (auditado) 000 £ | |
Efectivo en el banco | 9,039 | 8,403 | 8,847 |
Dinero en efectivo | 8 | 40 | 38 |
Efectivo y equivalentes de efectivo | 9,047 | 8,443 | 8,885 |
Préstamos y empréstitos | - | (3,000) | - |
Pasivos por arrendamiento | (7,130) | (7,957) | (8,518) |
Fondos netos / (deuda) | 1,917 | (2,514) | 367 |
Fondos netos excl. NIIF 16 Pasivos por arrendamiento de propiedades y vehículos | 8,926 | 3,476 | 7,526 |
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